It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Roasted Sweet Potato and Black Bean Quesadillas
Roasted Sweet Potato and Black Bean Quesadillas are the best vegetarian quesadillas you’ll ever taste. So easy to make and most importantly incredibly delicious and filling!
All in all these sweet potato black bean quesadillas are such a good time. Super flavoursome and really fun to play around with. Perfect for the vegetarians among us and easy to adapt to our vegan friends. A really hearty dish that’s gonna work great as a lunch or dinner and most importantly, a really delicious dish that I’m confident you’re going to fall in love with. Happy quesadillas cooking 🙂
Ingredients
- 2 Large Sweet Potatoes, peeled and sliced into chunks
- 4 Large White Tortilla Wraps
- 1 tsp Smoked Paprika
- 1 tsp Cumin
- 1/2 tsp Ground Coriander
- 1/4 tsp Cayenne Pepper (or to preference)
- 1/2 can of Black Beans, rinsed
- 2 Large handfuls of Cheddar
- Juice from 1/2 a Lime
- Salt & Black Pepper, to taste
- Olive Oil (see note A)
- Extras 'n' optionals:
- Avocado
- Jalapeno
- Fresh Coriander
- Extra Limes
- Sour Cream
- Salsa
- Guac
Method
- Preheat oven to 220c (430f).
- Place your spuds in a suitably sized oven dish and give them a good drizzle of Oil. Add in your Smoked Paprika, Cumin, Ground Coriander, Cayenne Pepper, Salt & Pepper and give them a mix to completely coat them. Pop in the oven for a good 30-40mins or until softened with a caramelized outing.
- When the dish has cooled down a little, grab a potato masher and roughly smash your Sweet Potatoes. Place to one side.
- Take a Tortilla and lightly brush one side of it with Oil. Place on a griddle pan (see note B) oiled side face down, making sure the hob is turned off. Spread on half of your Sweet Potato mash, top with half your Black Beans, 1 Handful of Cheese, a squeeze of Lime Juice and Seasoning if needed. Place a second Tortilla on top, press down to contain the filling and lightly brush the top with Oil.
- At this point turn the hob onto a medium heat and fry for around 6-8 mins on each side, or until griddle marks appear with a golden surrounding. If you tap on the Quesadillas it should sound slightly hollow and crunchy.
- Serve with any additional toppings and sides (suggestions in ingredients). Enjoy!
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